Innergex Renewable Energy (TSE:INE) Downgraded by Desjardins to “Tender”

Desjardins lowered shares of Innergex Renewable Energy (TSE:INE) from a buy rating to a tender rating in a research note issued to investors on Wednesday,BayStreet.CA reports. The firm currently has C$13.75 target price on the stock, down from their prior target price of C$14.50.

INE has been the topic of a number of other reports. National Bankshares downgraded Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and cut their price objective for the stock from C$16.00 to C$13.75 in a report on Wednesday. Cormark lowered their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. CIBC lowered their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. TD Securities increased their target price on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research note on Friday, February 21st. Finally, Scotiabank lowered their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Innergex Renewable Energy currently has a consensus rating of “Hold” and an average price target of C$11.59.

Innergex Renewable Energy Stock Performance

Innergex Renewable Energy stock opened at C$13.46 on Wednesday. The stock’s 50-day moving average is C$8.00 and its 200-day moving average is C$8.84. The company has a market cap of C$2.76 billion, a price-to-earnings ratio of -21.59, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58. Innergex Renewable Energy has a 12 month low of C$6.98 and a 12 month high of C$13.53.

Innergex Renewable Energy Company Profile

For over 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity, which led to Innergex being recognized as Canada’s best corporate citizens in 2023 by Corporate Knights. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world.